01—Abstract
Summary
Summary of the 10-K filed March 20, 2026. Cited figures are marked; the original filing is the authoritative source.
Veeva Systems Inc. (NYSE: VEEV) reported fiscal 2026 (year ended January 31, 2026) total revenues of $3.195 billiona, up 16% from $2.747 billion, with subscription revenues of $2.684 billion, up 17%.
Net income rose to $908.9 millionb from $714.1 million, and diluted GAAP earnings per share were $5.44 versus $4.32. Operating income was $916.4 million versus $691.4 million, and operating cash flow was $1.415 billion versus $1.090 billion. The company attributed the cash flow increase to higher sales and collections and to the One Big Beautiful Bill Act (OBBBA), which restored immediate expensing of domestic R&D costs.
Veeva ended the year with $6.6 billionc in cash, cash equivalents and short-term investments, and its auditor KPMG LLP issued an unqualified opinion on both the financial statements and internal control over financial reporting. The company's non-GAAP operating income was $1.434 billion, and non-GAAP diluted EPS was $8.10 versus $6.60, figures the filing reconciles to GAAP. Stock-based compensation was $472.7 million.
In January 2026 the board authorized a $2 billiond share repurchase program with a two-year term; the company repurchased 801,735 shares for about $180 million during the year and had $1.82 billion remaining under the program at year end. Customer count rose to 1,552 from 1,477, and the filing notes that a migration of Veeva CRM customers to its own Vault CRM platform, which is built on Veeva Vault rather than Salesforce, is under way, with Veeva CRM supported until December 31, 2029.
Risk factors highlighted by the filing include customer concentration (top 10 customers were 28% of revenues), competition from Salesforce in CRM, the wind-down of the Salesforce platform agreement, which expired September 1, 2025 and allows no new customers on that platform after September 1, 2030, and exposure to life sciences industry conditions and drug pricing policy. The company also disclosed a settlement with IQVIA, under which neither party paid damages, and a subsequent event: the March 10, 2026 acquisition of Rise Healthcare Tech, Inc. (Ostro) for about $100 million in cash and retention grants.
02—Key points
Key Highlights
- Total revenues of $3.195 billion, up 16% from $2.747 billion; subscription revenues of $2.684 billion, up 17%, making up 84% of total revenues.
- GAAP net income of $908.9 million (diluted EPS $5.44) versus $714.1 million (diluted EPS $4.32) in the prior year; operating income of $916.4 million versus $691.4 million.
- Non-GAAP operating income of $1.434 billion and non-GAAP diluted EPS of $8.10 versus $6.60, with reconciliations to GAAP provided in the filing.
- Net cash from operations rose to $1.415 billion from $1.090 billion; the company cited higher collections and OBBBA tax benefits. Cash, cash equivalents and short-term investments totaled $6.6 billion at January 31, 2026.
- A $2 billion share repurchase program was authorized in January 2026; 801,735 shares were bought back for about $180 million in the year, leaving $1.82 billion available.
- Customers rose to 1,552 from 1,477, and employees to 7,928 from 7,291; the top 10 customers accounted for 28% of revenues in each of the last three fiscal years.
- Subsequent to year end, Veeva acquired Rise Healthcare Tech (Ostro) on March 10, 2026 for about $100 million in cash and retention grants, and KPMG issued an unqualified audit opinion including on internal control.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in FY2026, Veeva Systems kept $0.28.
- Revenue$3.20B100.0%
- Cost of revenue−$782.0M24.5%
- Gross profit$2.41B75.5%
- Operating costs−$1.50B46.8%
- Operating income$916.4M28.7%
- Interest, other & tax−$7.5M0.2%
- Net income$908.9M28.4%
Where FY2026 revenue went
$3.20B- Net income: $908.9M, 28% of revenue
- Cost of revenue: $782.0M, 24% of revenue
- R&D: $767.4M, 24% of revenue
- Other operating costs: $729.5M, 23% of revenue
Kept 28% as net income
Full revenue history →04—Financials
Financial Highlights
Figures from 10-KFY2026filed March 20, 2026Financial Statements
FY2026 against FY2025
| Line item | FY2026FY2025 | Change |
|---|---|---|
| Revenue | $3.20B$2.75B | +16.3% |
| Cost of Revenue | $782.02M$699.64M | +11.8% |
| Gross Profit | $2.41B$2.05B | +17.9% |
| R&D Expenses | $767.39M$693.08M | +10.7% |
| Operating Expenses | $1.50B$1.36B | +10.4% |
| Operating Income | $916.37M$691.43M | +32.5% |
| Net Income | $908.91M$714.14M | +27.3% |
| EPS (Basic) | $5.55$4.41 | +25.9% |
| EPS (Diluted) | $5.44$4.32 | +25.9% |
| Shares Outstanding (Basic) | 163.67M161.88M | +1.1% |
| Shares Outstanding (Diluted) | 167.00M165.23M | +1.1% |
05—Questions
Frequently Asked Questions
How did Veeva's revenue and profitability trend in fiscal 2026?
Total revenues grew 16% to $3.195 billion and subscription revenues grew 17% to $2.684 billion. Operating income increased to $916.4 million from $691.4 million, and net income increased to $908.9 million from $714.1 million. The filing attributes subscription growth mainly to existing customers expanding their use of Veeva Development Cloud, Quality Cloud, Commercial Cloud and Data Cloud products.
What are the main risks to Veeva's growth highlighted in the filing?
The filing highlights competition from Salesforce in CRM, customer concentration (the top 10 customers were 28% of revenues), and the migration of Veeva CRM customers to Vault CRM, which could cause disruption. It also notes the Salesforce platform wind-down, under which Veeva cannot sell Salesforce-based applications to new customers and cannot sell them to any customers after September 1, 2030. Other risks include exposure to life sciences industry conditions and drug pricing policy, data privacy and AI regulation, and macroeconomic and geopolitical factors.
What did Veeva do with its capital in fiscal 2026?
The company repurchased 801,735 shares for about $180 million under a $2 billion program authorized in January 2026, leaving $1.82 billion available. It did not pay dividends and states it intends to retain earnings. Net cash used in investing activities was $1.104 billion, mainly for net purchases of short-term investments, and financing activities used $9 million net after $253.9 million of option exercise proceeds.
How does Veeva's non-GAAP profitability differ from GAAP?
Non-GAAP operating income of $1.434 billion excludes stock-based compensation of $472.7 million, amortization of purchased intangibles of $14.1 million and litigation settlement-related charges of $30.6 million. Non-GAAP diluted EPS was $8.10 compared with GAAP diluted EPS of $5.44. The filing notes that stock-based compensation is a recurring cost and that non-GAAP measures should not be considered in isolation from GAAP results.
What happened in the IQVIA litigation and the subsequent acquisition?
Veeva and IQVIA settled all ongoing litigation on August 13, 2025. Neither party paid damages, and all claims were dismissed with prejudice. Veeva paid about $31 million to law firms under partial contingency fee arrangements. Separately, on March 10, 2026, Veeva acquired Rise Healthcare Tech, Inc. (Ostro), an AI-driven engagement platform for life sciences, for about $100 million in cash and long-term equity retention grants.
06—Continue